Monday, January 09, 2012

China Carbon Tax Proposed

The Chinese Ministry of Finance has proposed a carbon tax for China, starting at 10 yuan ($US1.59) per tonne, starting in 2016. This is much lower than the Australian and European carbon prices and there appear to be no proposals to move to a market mechanism, as the case with Australia and Europe. However, like Australia, the proposal is to gradually increase the price, to lessen concerns over its effect on economic development. As with Australia, the tax is proposed to be revenue neutral, with other forms of taxes being reduced. Many of the students in my course "ICT Sustainability: Assessment and Strategies for a Low Carbon Future" are from China and the carbon price is likely to see an increase in interest in how to reduce energy use and therefore cost and carbon emissions.

... The main targets of the tax will be large users of coal, crude oil and natural gas, and tax cuts will be given to companies that take steps to reduce their emissions, Su said.

Jiang Kejun, a researcher with the National Development and Reform Commission's Energy Research Institute, who helped draft the tax proposal, said the tax is likely to be collected only from producers and wholesalers of fossil-fuel based energy. This will make it easier to collect the tax. ...

财政部财政科学研究所副所长苏明21日在中国绿色经济展望论坛上表示，明年在积极的财政政策下，对战略性新兴产业尤其是低碳产业“实施更加积极的财政政策”，包括投资补助、财政贴息、股份投资、财政支持担保、政府采购、税收等六大手段。 ... Deputy Director, Institute of Fiscal Science, 21 Su Green Economic Outlook Forum in China, said that next year in a proactive fiscal policy, strategic and emerging industries, especially for low-carbon industry "to implement a more active fiscal policy", including investment subsidy, interest subsidy, equity investments, financial support guarantees, government procurement, taxation and other means of six.

苏明称，投资补助要从生产环节转移到消费环节，但生产环节的投资补助不会取消。 Su said the investment subsidies from production areas to consumption areas, but the production processes of investment grants will not be canceled.

所谓“投资补助”，是指由中央预算内(含国债项目资金)安排的，专项给予符合条件的固定资产投资项目的资金。 The so-called "investment grants" refers to the central budget (including the bond project funds) arrangements, given the special conditions of investment in fixed assets in line with project funds.

所谓“财政贴息”，是指政府代企业支付部分或全部贷款利息，间接向企业成本价格提供补贴。 The so-called "financial discount" refers to the government on behalf of the company to pay part or all of the interest on loans, indirect subsidies to businesses to provide cost price.

在财政支持担保方面，财政可与社会资本合资设立担保公司，或建立担保风险补偿金。 Security aspects of the financial support, financial and social capital can be guaranteed a joint venture company, or create a security risk compensation.

在税收手段方面，从2012年起，针对战略性新兴产业尤其是低碳产业，有望启动企业所得税的优惠政策，既包括税收减免等直接手段，又包括投资抵免等间接手段。 Means of taxation, from 2012, the strategic emerging industries, especially for low-carbon industries, is expected to start the enterprise income tax incentives, both tax relief and other direct means, but also including investment credits and other indirect means.

所谓“投资抵免”，是指政府对纳税人在境内的鼓励性投资项目，允许按投资额的多少，抵免部分或全部应纳所得税额。 The so-called "investment credits" refers to the taxpayer in the territory of the government to encourage investment projects that allow for the amount of investment, some or all of the income tax credit amount.

“可以根据购置设备的投资额进行抵免”。 "According to the amount of investment for the purchase of equipment credits."

苏明解释道，战略性新兴产业大多也属于“低碳产业”的范畴。 Su explained that most of the strategic emerging industries also are "low-carbon industry" category.

但苏明认为，明年经济增长速度放缓，再加上力推中小企业的结构性减税，并不是开征碳税的好时机。 However, Su believes that next year's economic growth is slowing down, coupled with the structural pushing tax cuts for SMEs, the introduction of a carbon tax is not a good time.

北京中创碳投科技有限公司战略总监钱国强向记者总结道，财政政策只能“紧急输血”，起到拉动社会资本的杠杆作用。 Beijing Science and Technology Co., Ltd. in creating carbon investment money Guoqiang, director of strategy to reporters concluded that fiscal policy can only "emergency blood transfusion", play a stimulating social capital leverage.

但要建立解决低碳产业融资的长效机制，有两个前提：一是碳资产要有价格，让风电、水电等新能源企业以及碳捕捉等高新技术企业能把碳卖得出去；二是要实行强制性的碳减排，让排放量超过配额的高碳企业花钱买碳。 But to establish a long-term financing to solve the mechanism of low-carbon industries, based on two premises: First, have a carbon asset prices, wind power, hydropower and other new energy companies and carbon capture carbon and other high-tech enterprises can sell out; two to implement mandatory carbon emissions, so that the quota of carbon emissions than spend money on corporate carbon.

此外，还可探索针对低碳企业碳资产的抵押贷款。 In addition, companies can also explore carbon for carbon asset mortgages.

参与国家发改委应对气候变化相关工作的中创碳投有限公司副总经理郑喜鹏表示，大量低碳技术在研发后只能变成论文发表，无法实现市场化；许多地方政府推行的示范工程、示范园区难以向全国推广。 National Development and Reform Commission in response to climate change-related work in the record, Deputy General Manager Zheng Xipeng carbon investment, said a large number of low-carbon technologies into the research and development only after the paper published, the market can not be achieved; many local governments to implement the demonstration project, demonstration zone is difficult to promote the country.

“这是因为缺乏一座桥梁——商业模式。否则，光靠政策、资金、技术的堆砌，是堆不出一个成熟市场的”，郑喜鹏表示。 "This is because the lack of a bridge - the business model, otherwise, rely on policy, funding, technology, pile, heap is not a mature market," Zhengxi Peng said.